German carmaker Volkswagen addressing a press conference on Thursday exclaimed that the company could be looking forward to jump into profit soon.
Admitting the rigging of emission tests which plunged the Volkswagen company into a turbulent tide, the top executives of the company said that the cost of covering litigation and vehicles fixes would amount upto $18 billion – a hefty sum which would entail a slow start in the first quarter for the company. The executives told the press that they had no plans to sell any group assets and the existing provisions that they had would suffice.
Matthias Mueller, Chief Executive of Volkswagen, said that he had personally tendered an apology to US president Barack Obama for cheating in the emission tests when the two met at the Hanover Fair Industry trade show.
Ever since the scandal came to light, Volkswagen have been facing union opposition and its centralised company structure has been facing ire for delays in new car models and lax controls – the brand’s performance since the scandal has suffered detrimentally.
Volkswagen also claimed that in the future, they will be looking to explore the development of electric vehicles and digital services.
First Published | 29 April 2016 5:35 PM